Lousy Housing Data Casts a Pall Over Recovery

There's more worrisome data about the housing
market this morning: housing
starts plummeted 10% to a 593,000 annual rate in May, the lowest
level this year. Also of concern: building permits, a sign of future
construction, unexpectedly declined to a one-year low. We shouldn't have
been surprised after yesterday's downbeat
NAHB Homebuilder index,
still the numbers are sobering.

(CBS)

Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.

View all articles by Jill Schlesinger on CBS MoneyWatch »Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.